This tour is the best of several offered by a group called Tall Ships Inc. It departs from Campbell's Cove for a short jaunt to Goat Island, where participants have lunch and then get a guided tour of the island. Then, after a brief circle around Sydney Harbor, they return to the Cove.
The Goat Island tour is interesting, though our tour guide walked a bit too briskly for the older crowd. She delivered a reasonably thorough canned presentation, but couldn't answer some basic questions (e.g. Did any convicts ever escape?) outside her script.
Food was decent, though beef was well overcooked and salads were mediocre at best. Good prawns, adequate drinks.
The ship itself is a wooden scow that must be a nightmare to maintain. Nevertheless, it rode reasonably comfortably on choppy water.
Look for discounts--e.g. groupon, living social deals--and you will receive fair value.
This review is the subjective opinion of a TripAdvisor member and not of TripAdvisor LLC.